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Global Fuel Cell Market, By Type (PEMFC, PAFC, AFC, MFC, SOFC, MCFC, and Others), By Fuel Type (Hydrogen, Methane, Others), By Application (Portable, Stationary, Transport), and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2030.
The global fuel cell market is estimated to reach USD 47.95 billion by 2030, with a CAGR of 25.49% from 2022 to 2030. It was valued at USD 5.1 billion in 2022.
The growing demand for constant energy sources is one of the critical factors driving the market growth. Rising interest in heavy-duty transport and energy storage applications and huge market potential for fuel cells are expected to have significant opportunities for the fuel cell soon. Some of the controls associated with the fuel cell industry and market are the high price of the catalyst, which boosts the price of fuel cells and lack of fuel cell infrastructure. Increasing applications of fuel cells in the transport sector, such as in cars and buses, are expected to grow in the coming years.
What is a Fuel Cell?
Fuel cells are used to convert chemical energy into electrical energy. Fuel cells are used as a source of heat and electricity for buildings and an electrical power source for electric motors propelling vehicles. They are also largely used for forklifts, i.e., trucks used to lift and transport heavy materials. Fuel cells do not require any external charging and can produce electricity as long as fuel and oxygen is supplied to it
Growth Drivers
Induction of new products to launch hydrogen infrastructure to level up demand
Fuel cell systems are broadly installed to power hydrogen vehicles due to their fast start and high-power performance. Additionally, some of the companies operating on the different value chain stages have devoted substantial efforts to get in forces and expand the reach of their working areas. The collaborative efforts of the companies are set to boost the ecosystem for hydrogen-powered trucks.
Increasing focus on reducing greenhouse gas emission to favor growth
The rising focus to check global greenhouse gas (GHG) emissions from various sources and adequate measures to get a carbon-free society will likely bode well for the global fuel cell market growth. The daily-by-day increasing demand for cars with hydrogen fuel cells to follow the rules of government objectives to make clean energy deployment is likely to increase the adoption of battery cell systems from various regions.
Pre Covid-19 impact on the global Fuel Cell market
Before the covid-19 pandemic, the downturn in the sales of fuel-cell vehicles in China has been observed over the past two years, owing to the slowdown in its economy, strict emission regulations, and escalating trade tensions. The spread of the covid-19 virus has significantly impacted the hydrogen fuel cell vehicles market. Globally, increasing industrialization, development of road infrastructure, and surge in mining activities lead to growing the cell market, a subsequent rise in demand for fuel cells and propels the market growth. Furthermore, the high demand for mid-range passenger cars among consumers has increased the overall fuel cell industry across the globe.
Covid-19 impacton the global Fuel Cell market
According to IEA, the covid-19 crisis has significantly impacted the implementation of renewable power capacity. This marks the first annual breakdown in 20 years since 2000 for renewable energy capacity addition. The net expansion of renewable electricity capacity in 2020 is projected to slow down by 13% compared to 2019. According to IEA, current hydrogen demand from oil refining, steel manufacturing, and the chemicals sector has been highly affected by the covid-19 outbreak, but the market is expected to recover and grow positively during the forecast period.
Post Covid-19 impact on the global Fuel Cell market
The significant growth of the fuel cell industry is expected to escalate the growth of the global fuel cell market during the forecast period. The growing government spending on public transportation and infrastructural projects will drive the demand for commercial vehicles to increase the growth of the overall fuel market across the globe. Moreover, rising trading activities coupled with growing industrialization have stimulated the demand for commercial vehicles, which will provide lucrative opportunities for global fuel cell markets.
By Type Segmental Analysis
Based on Type, the global fuel cell market is segmented into PEMFC, PAFC, AFC, MFC, SOFC, MCFC, and others. The Proton Exchange Membrane Fuel Cell is accounted for the highest share in the global fuel cell market in 2021. The growth is anticipated to the growing demand for clean energy generation, dependence on fuel cell-based public transportation systems, and the wide use of PEMFC in stationary, transportation, and portable applications
Fuel Type Segmental Analysis
The global fuel cell market is segmented into hydrogen, methane, and others based on fuel type. The hydrogen segment is accounted for the largest share and is anticipated to manage this trend during the forecast period. Hydrogen is a pure fuel that, when consumed in a fuel cell, produces only water, and it can be manufactured from various sources of domestic resources, such as natural gas, nuclear power, and renewable power like solar and wind. These qualities make it a sustainable fuel option for transportation and electricity generation applications.
Application Type Segmental Analysis
Based on application, the global fuel cell market is classified into portable, stationary, and transport. It is attributable to the widespread use of fuel cells in heavy-duty operations such as public transport in developing countries like the US, the UK, and others. In addition, the growing demand for eco-friendly vehicles and high government spreading to reduce carbon emission has increased the demand for fuel cells vehicles.
Region Segmental Analysis
The global fuel cell market is characterized by North America, Asia Pacific, Europe, Middle. East, & Africa, South America. North American fuel cell market is the largest market for fuel cells in the world. In addition, the adding countries of the Asia-Pacific region, such as India and China, are the major contributors to the fuel cell market’s growth due to the growing economy and many consumers in these countries.
Competitor Analysis
Companies include Ballard Power Systems Inc, Fuel Cell Energy Inc, Plug Power Inc, Proton Motor Fuel Cell GmbH, ITM Power PLC, AFC Energy PLC, SFCE Energy, Mitsubishi Power, Ltd prominent players are the key players in the global fuel cell market.
Key Stakeholders
- Market research and consulting firms
- Local governments
- Regulatory bodies
- Suppliers
- Retailers
Recent Developments
- In July 2021, the Ballard power system was confirmed to obtain an order for the 15 units of the company’s 70-kilowatt (kW) FCmove TM-HD fuel cell systems to power zero-emission Fuel Cell Electric Buses (FCBSs) owned by India based Tata Motor. Ballard aims to complete the order by 2022 to abide by Tata Motor’s plans to analyze the potential of utilizing FCEBs in Faridabad, a city under the country’s National Capital Region.
- In May 2021, Switzerland- based EH Group Engineering declared to expand its fuel cell production capabilities and move its operations to a new unit in Nylon, Switzerland. The state-of-the-art facility is made to have dedicated laboratory optimized hydrogen supply, fast-paced prototyping, and manufacturing capabilities, among space, different FC testing stations to access units with up to 250 KW ratings, other advantages. The company also confirmed its framework to further boost the dedicated production facility with an area of 4,000 m2 by 2022.
Scope of the Report
| Report Attribute | Details |
|---|---|
| Market Size Value in 2020 | USD 4.1 Billion |
| The revenue forecast in 2027 | USD 27.95 Billion |
| Growth Rate | CAGR of 23.49% from 2020 to 2027. |
| Historical data | 2017-2019 |
| Forecast period | 2021 – 2027 |
| Region covered | America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | Ballard Power Systems Inc, Fuel Cell Energy Inc, Plug Power Inc, Proton Motor Fuel Cell GmbH, ITM Power PLC, SFCE Energy, Mitsubishi Power, Ltd. |
Market Modelling
By Type
- PEMFC
- PAFC
- AFC
- MFC
- SOFC
- MCFC
- Others
By Fuel Type
- Hydrogen
- Methane
- Others
By Application Type
- Portable
- Stationary
- Transport
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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Report Content
- Research Strategic Development
1.1. Market Modelling
1.2. Product Analysis
1.3. Market Trend and Economic Factors Analysis
1.4. Market Segmental Analysis
1.5. Geographical Mapping
1.6. Country Wise Segregation
- Research Methodology
2.1. Identification of Target Market
2.2. Data Acquisition
2.3. Refining of Data/ Data Transformations
2.4. Data Validation through Primary Techniques
2.5. Exploratory Data Analysis
2.6. Graphical Techniques/Analysis
2.7. Quantitative Techniques/Analysis
2.8. Visual Result/Presentation
- Executive Summary
- Market Insights
4.1. Supply Chain Analysis
4.2. Economic Factor Analysis
4.2.1. Drivers
4.2.2. Trends
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Competitors & Product Analysis
4.5. Regulatory Framework
4.6. Company market share analysis, 2022
4.7. Porter’s Five forces analysis
4.8. Price point analysis
4.9. New Investment Analysis
4.10. PESTEL Analysis
4.11. Covid-19 Impact on Global Fuel Cell Market
- Global Fuel Cell Market Overview
5.1. Market Size & Forecast,2017-2030
5.1.1. Demand
5.1.1.1. By Value (USD Billion)
5.2. Market Share & Forecast, 2017-2030
5.2.1. By Type
5.2.1.1. Proton Exchange Membrane Fuel Cell (PEMFC)
5.2.1.2. Phosphoric Acid Fuel Cell (PAFC)
5.2.1.3. Alkaline Fuel Cell (AFC)
5.2.1.4. Microbial Fuel Cell (MFC)
5.2.1.5. Solid Oxide Fuel Cell (SOFC)
5.2.1.6. Molten Carbonate Fuel Cell (MCFC)
5.2.1.7. Others
5.2.2. By Application Type
5.2.2.1. Portable
5.2.2.2. Stationary
5.2.2.3. Transport
5.2.3. By Fuel Type
5.2.3.1. Hydrogen
5.2.3.2. Methane
5.2.3.3. Others
5.2.4. By Region
5.2.4.1. North America
5.2.4.2. Europe
5.2.4.3. Asia-Pacific
5.2.4.4. South America
5.2.4.5. The Middle East & Africa
- North America Fuel Cell Market Overview
6.1. North America Fuel Cell Market Size & Forecast,2017-2030
6.1.1. Demand
6.1.1.1. By Value (USD Billion)
6.2. Market Share & Forecast, 2017-2030
6.2.1. By Type
6.2.1.1. Stationary
6.2.1.2. Solar Tracking
6.2.1.3. others
6.2.2. By Location
6.2.2.1. Offshore
6.2.2.2. Onshore
6.2.2.3. Others
6.2.3. By Technology
6.2.3.1. Photovoltaic
6.2.3.2. Concentrated Solar Power
6.2.3.3. Others
6.2.4. By Country
6.2.4.1. US
6.2.4.2. Canada
6.2.4.3. Mexico
6.2.5. Company Market Share (Top 3-5)
6.2.6. Economic Impact study on North America Fuel Cell Market
- Europe Fuel Cell Market Overview
7.1. Europe Fuel Cell Market Size & Forecast,2017-2030
7.1.1. Demand
7.1.1.1. By Value (USD Billion)
7.2. Market Share & Forecast, 2017-2030
7.2.1. By Type
7.2.1.1. Stationary
7.2.1.2. Solar Tracking
7.2.1.3. others
7.2.2. By Location
7.2.2.1. Offshore
7.2.2.2. Onshore
7.2.2.3. Others
7.2.3. By Technology
7.2.3.1. Photovoltaic
7.2.3.2. Concentrated Solar Power
7.2.3.3. Others
7.2.4. By Country
7.2.4.1. Germany
7.2.4.2. UK
7.2.4.3. France
7.2.4.4. Italy
7.2.4.5. Rest of Europe
7.2.5. Company Market Share (Top 3-5)
7.2.6. Economic Impact study on Europe Fuel Cell Market
- Asia-Pacific Fuel Cell Market Overview
8.1. Asia-Pacific Fuel Cell Market Size & Forecast,2017-2030
8.1.1. Demand
8.1.1.1. By Value (USD Billion)
8.2. Market Share & Forecast, 2017-2030
8.2.1. By Type
8.2.1.1. Stationary
8.2.1.2. Solar Tracking
8.2.1.3. others
8.2.2. By Location
8.2.2.1. Offshore
8.2.2.2. Onshore
8.2.2.3. Others
8.2.3. By Technology
8.2.3.1. Photovoltaic
8.2.3.2. Concentrated Solar Power
8.2.3.3. Others
8.2.4. By Country
8.2.4.1. India
8.2.4.2. Japan
8.2.4.3. Australia
8.2.4.4. Rest of Asia Pacific
8.2.5. Company Market Share (Top 3-5)
8.2.6. Economic Impact study on Asia-Pacific Fuel Cell Market
- South America Fuel Cell Market Overview
9.1. South America Fuel Cell Market Size & Forecast,2017-2030
9.1.1. Demand
9.1.1.1. By Value (USD Billion)
9.2. Market Share & Forecast, 2017-2030
9.2.1. By Type
9.2.1.1. Stationary
9.2.1.2. Solar Tracking
9.2.1.3. others
9.2.2. By Location
9.2.2.1. Offshore
9.2.2.2. Onshore
9.2.2.3. Others
9.2.3. By Technology
9.2.3.1. Photovoltaic
9.2.3.2. Concentrated Solar Power
9.2.3.3. Others
9.2.4. By Country
9.2.4.1. Brazil
9.2.4.2. Argentina
9.2.4.3. Rest of South America
9.2.5. Company Market Share (Top 3-5)
9.2.6. Economic Impact study on South America Fuel Cell Market
- The Middle East & Africa Fuel Cell Market Overview
10.1. The Middle East & Africa Fuel Cell Market Size & Forecast,2017-2030
10.1.1. Demand
10.1.1.1. By Value (USD Billion)
10.2. Market Share & Forecast, 2017-2030
10.2.1. By Type
10.2.1.1. Stationary
10.2.1.2. Solar Tracking
10.2.1.3. others
10.2.2. By Location
10.2.2.1. Offshore
10.2.2.2. Onshore
10.2.2.3. Others
10.2.3. By Technology
10.2.3.1. Photovoltaic
10.2.3.2. Concentrated Solar Power
10.2.3.3. Others
10.2.4. By Country
10.2.4.1. Saudi Arabia
10.2.4.2. UAE
10.2.4.3. South Africa
10.2.4.4. Rest of the Middle East & Africa
10.2.5. Company Market Share (Top 3-5)
10.2.6. Economic Impact study on The Middle East & Africa Fuel Cell Market
- Competitor Analysis
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel
11.5. Contact Address
11.6. SWOT Analysis
11.7. Company Profile
11.7.1. Ballard Power Systems Inc
11.7.2. Fuel Cell Energy Inc
11.7.3. Plug Power Inc
11.7.4. Proton Motor Fuel Cell GmbH
11.7.5. ITM Power PLC
11.7.6. AFC Energy PLC
11.7.7. SFC Energy
11.7.8. Mitsubishi Power, Ltd
11.7.9. Other prominent players
Frequently Asked Questions (FAQ):
Fuel cells are used to convert chemical energy into electrical energy and used as heat and electricity.
The global fuel cell market is estimated to reach USD 47.95 billion by 2030, with a CAGR of 25.49% from 2022 to 2030. It was valued at USD 5.1 billion in 2022.
The Fuel cell market is expected to grow significantly due to growing urbanization, the rising popularity of lightweight vehicles, and the growing automotive industry.
The North American region is expected to dominate the global Fuel cell market due to the high adoption of eco-friendly hydrogen-based vehicles such as cars and trucks.
Companies include Ballard Power Systems Inc, Fuel Cell Energy Inc, Plug Power Inc, Proton Motor Fuel Cell GmbH, ITM Power PLC, AFC Energy PLC, SFCE Energy, Mitsubishi Power, Ltd other prominent players are the key players in the global fuel cell market.
